With current state of the real estate market, we understand many homeowners may be having difficulty in making monthly mortgage payments.

 

Time is of the essence. The longer you wait, the worse the situation may get.

If the scenario above describes you, right now, the most important task is to determine your options. Do you need a smaller home?  Do you need a rental for a short period of time?  Are you relocating to a different city?  There are many ways in which we may be able to assist you. 

Before we describe how we can help, it's important to know the difference between a foreclosure and a short sale.

Many people do not understand the differences, and many believe foreclosures and short sales are the same entity.  At face value, both terms can be frightening to homeowners.

Here's a breakdown of short sales versus foreclosures:

Short Sales

• negotiated settlement

• seller's credit bruised

• no attorney fees

• peace of mind

• buy again in 2 years

• liens negotiated

Foreclosures

• court settlement

• seller's credit ruined

• vast attorney fees 

• no peace of mind

• buy again in 10 years

• all liens exhausted

As you can see, a foreclosure is much more damaging over the long-term than a short sale.

Now that those terms are clarified, let's move on to how we can help.

First, if you need to sell your house, we can locate a buyer quickly who will be willing to pay a fair amount of money. We are experienced with creative sales, which means we can structure a short sale which stops the lender from beginning foreclosure process.

Second, we can assist you in finding a new home, either in the same area or all across the country. We can arrange for a rental, a lease option, or a home purchase, whichever meets your needs.

A foreclosure on your credit report can ruin your credit for many years. Protecting your credit should be your first priority.

If you need legal advice, please contact an attorney. If you want advice from a real estate professional, please give us a call today. The sooner we talk, the sooner we can develop a plan to help you out of your current situation.

Please call The Meadows Team today!